Rate on 30-year mortgages rises to 3.59%

MARCY GORDON, Associated Press

Updated 7:17 pm, Friday, August 10, 2012

Average U.S. rates on fixed mortgages rose for the second straight week, staying slightly above historic lows.

Mortgage buyer Freddie Mac says the rate on the 30-year loan increased to 3.59 percent, up from 3.55 percent last week. Two weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage rose to 2.84 percent. That's up from 2.83 percent last week and a record low of 2.80 percent.